I passed the exam in Jan 2008.
It is not particularly hard or expensive, and the free £50 advertising they give you for new clients really does make a difference when trying to persuade someone to give Adwords a try.
But I have to agree with Krisidious to a large extent...
It is very easy to waste money on an Adwords campaign even when you do know what you are doing (there are some niches where it is *extremely* hard to make a profit from Adwords)....
Also - it seems that when one client was unhappy with results, and I 'paused' their campaign before reaching £55 - Google still charged them an amount over and above the 'activiation fee'. So it has not been an unmitigated success...
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Q. Does this program exist to help you build trust with ignorant clients? Or does it actually have value beyond that?
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A. - Mostly the former. It reminds me a lot of the exams you used to have to take to become a CNE (Does anyone remember when Novell was a BIG name?) in that you are expected to regurgitate the corporate line, and it is no substitute for experience...